Nama has reported a €247m (£194m) profit after tax for the 2011 financial year.
The agency had generated cash flows of €8.4bn by mid-July and had sold off assets worth €5bn by the end of May 2012, with a further €2bn worth of sales in the pipeline.
Nama suffered a €1.8bn loss in 2010 after taking an impairment charge of approximately €1.5bn.
The agency now has €74bn in bank assets, of which €2.8bn was added in 2011.
Nama chairman Frank Daly said: “2011 was a year of great progress for Nama. The agency made a profit for the taxpayer. We successfully completed the first phase of our operations – acquiring loans from participating institutions – and our focus now is on generating the best possible return from these loans. We have also completed the review of all debtor business plans. Cashflow generation is vitally important for Nama and remains very strong. The task before us is significant but I am optimistic that Nama will succeed in doing the job set out for it by the Oireachtas.”
sophia.furber@estatesgazette.com
